What the California U.A. Local No. 447 Pipe Trades Benefit Plans Wage & Fringe Benefits Bond is for
Union trust funds usually ask contractors who sign their agreement for this bond. It guarantees the wage, fringe benefit and welfare contributions owed to the fund are paid.
The bond amount is set by the agency, utility or fund that asks for it. If the bond holder doesn't meet their obligations, a valid claim is paid up to that amount, and the bond holder repays the surety.
What the price depends on
The starting rate. An underwriter reviews your application and you see the final price before you pay.